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All of a sudden, I’m seeing the word Bitcoin everywhere I go.
It is all over the news.
Bloggers are talking about it.
Everyone is calling a buy for it, even those who have no idea what cryptocurrency is.
So the big question is, is Bitcoin still a good buy at its current price?
Here is some background on Bitcoin:
Before answering that, it’s amusing how everyone is getting excited about Bitcoin now, when just a few months ago most people were saying it it’s a scam, or that it is going to crash to zero, that it is worthless, etc.
Seems like it is human nature to jump on the hype train.
If you have been following me on my Telegram channel (https://t.me/synapsetrading), you will know that we have been accumulating it since early last year, when it was around $4000+.
Here are some of the updates I posted last year:
Now, let’s look at the current prices.
On the weekly chart, we haven’t seen any correction in months, which shows that the trend and momentum is strong in the long-term, but it also shows that the trend is not moving at a stable sustainable pace.
A stable trend is marked by ups and downs, not just a parabolic one-way move.
If you think in terms of numbers, the potential percentage upside gain is much less compared to the start of the trend, which is why I prefer to get in early on a new trend rather than chase a late-stage trend.
If I am going to add more positions or enter, I will wait for a larger correction first, such as a pullback to the EMAs on the weekly chart.
Trade safe, and stay tuned! ???
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.